WASHINGTON (dpa-AFX) - Ares Capital Corp. (ARCC) said that it has priced a public offering of 10.50 million shares of its common stock. The offering was upsized from its previously announced offering size of 9 million shares.
On January 12, 2023, the official close price of Ares Capital's common stock on The NASDAQ Global Select Market under the symbol 'ARCC' was $19.61 per share.
Ares Capital has granted the underwriters an option to purchase up to an additional 1.58 million shares of common stock. The offering is expected to close on January 18, 2023.
The company expects to use the net proceeds of the offering to repay certain outstanding indebtedness under its credit facilities.
Ares Capital may reborrow under its credit facilities for general corporate purposes, which include investing in portfolio companies in accordance with its investment objective.
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